An arrest warrant has been issued for a Dallas financial adviser for allegedly operating an investment scheme that promised big returns to many Utahns.
Curtis C. Sneed, 51, of Sneed Financial Services, was charged Monday with several felony counts involving securities fraud, exploitation and acting as an unlicensed broker.
According to court documents, Sneed promised investors a 16.2 percent return on "no-risk" investments in LCD screens called Ad Toppers. He said each screen would be placed in a high-traffic area and generate $54 each month from advertisers. He claimed to have invested his own money as well.
Sneed reportedly received $1.2 million in commissions for the purported sales of the monitors, and investors lost nearly all of their money.
"I have two bits of advice for anyone who is told that an investment has no risk: Hold on to your pocketbook and hang up the phone," Utah Attorney General Mark Shurtleff said.